U.S. new home sales fell sharply in May, dropping 11.3% month-over-month to a seasonally adjusted rate of 619,000, marking the lowest level since November 2023 and slightly below December 2019 levels. This decline is attributed to high mortgage rates, which have significantly impacted potential buyers. On an annual basis, new home sales plunged 16.5%. The median price of new homes in May was $417,000, a slight decrease of 0.9% year-over-year but a substantial increase of 32% compared to May 2020. Inventories remained elevated at 9.3 months. Additionally, pending home sales also experienced a notable decline, falling 2.1% month-over-month and reaching an all-time low in the index, which has been tracked since 2001. The pending home sales index dropped to 70.8, the lowest level since April 2020, reflecting a 6.6% year-over-year decrease. The decline in pending home sales indicates broader economic concerns, including high mortgage rates and reduced affordability, which are affecting consumer confidence and spending. The Midwest and South posted monthly losses in transactions, while the Northeast and West recorded gains.
According to the National Association of REALTORS®, May's pending home sales fell 2.1% month over month, compared to an expected 0.5% increase. Yahoo Finance breaks down this latest development for the housing market and what it means moving forward. https://t.co/qr3F9vpy45
Pending home sales fell 2% last month from April, while home prices soared to record-setting heights, according to NAR’s monthly report. https://t.co/UJ9fUzGXiX
Weakness in pending home sales sent year/year change sharply into negative territory in May ... not back to cycle low, but not in strong territory either https://t.co/i0pxl31qPe
Pending U.S. home sales fall to an all-time low in May https://t.co/U5fK2shkOd
Pending Home Sales fall to an all-time low https://t.co/YNrP5drm1W
Pending Home Sales fall to an all-time low 🚨 https://t.co/JR3a4bZDMl https://t.co/nlHPlAVkRe
In May 2024, pending home sales fell 2.1% month-over-month. #NARPHS https://t.co/tWr0WHxpk9 https://t.co/aRLdBz9vjA
NAR: pending home sales have absolutely collapsed w/ May setting a new record low for the index, 29.2% lower than the level in 2001 and even lower than the depths of the covid lockdowns - expect existing home sales to keep tanking in coming months... https://t.co/dN5ZqGRB3d
US Pending home sales have dropped to an all-time low! Signs of an imminent #recession or the result of ‘nobody wants to move and lock in higher mortgage rates?’ https://t.co/G8gRBimrO8
More homes are for sale, yet home buyers don’t appear to be in a rush. Pending home sales fell 2.1% in May, and are down nearly 7% from a year ago when home inventory was much smaller. https://t.co/BWZL4x2Ofo
BREAKING: US new home sales plummeted -11.3% month-over-month to 619,000 in May, well below the estimated -0.2% decrease. This was the largest decline since September 2022 when new home sales fell by ~14%. Year-over-year sales dropped by a whopping 16.5%, the most since… https://t.co/FkdjrCx15W
Pending home sales, the quintessential leading indicator for housing with all its powerful multiplier impacts, dropped -2.1% MoM in May, slicing below the April 2020 recession low and now the weakest since the series began in the 2001 downturn. But there’s no recession coming…
US pending home sales index slides to record low on high rates https://t.co/zklRH8AOKO via @business https://t.co/BhR4Dqx0MG
The 🏡🫧 has 📌 Pending U.S. home sales fall to an *ALL TIME RECORD LOW* This indicates: 1. Fewer transactions from high mortgage rates and inventory📈 2. 7% mortgage rates reducing affordability. 3. Broader economic concerns affecting consumer confidence & spending. https://t.co/dvlBY2dyZg
The May reading of Pending Home Sales is weaker than expected. As a matter of fact the Pending Home Sales Index has never been weaker than it was in May. The index has been around since 2001. In May the Index is a record low of 70.8; it was 72.3 the month before. It is not a… https://t.co/4U3yOE5inR
'An index of US pending existing-home sales unexpectedly fell in May to the lowest level on record as elevated mortgage rates and high prices discouraged prospective buyers.' https://t.co/aGrJvjQeEK
New record low for U.S. pending home sales https://t.co/VZH3Qjeuwc
Pending home sales declined 2.1% compared to last month, and are down 6.6% compared to one year ago. Pending sales are a forward-looking indicator of home sales based on contract signings. While two consecutive months of declining pending home sales suggest a negative outlook… https://t.co/HUOW7exftO
May pending home sales -2.1% month/month vs. +0.5% est. & -7.7% prior … new low in index level terms (blue) https://t.co/AM2P0WQj05
⚠️BREAKING: *U.S. MAY PENDING HOME SALES FALL -2.1% M/M; EST. +0.6%; PREV. -7.7% *U.S. PENDING HOME SALES INDEX FALLS TO 70.8, LOWEST APRIL 2020 🇺🇸 🇺🇸 https://t.co/bw4aHFwlCy
An index of US pending existing-home sales unexpectedly fell in May to the lowest level on record as elevated mortgage rates and high prices discouraged prospective buyers. https://t.co/7tOOGCmFqG
NAR: Pending Home Sales Decrease 2.1% in May; Down 6.6% Year-over-year https://t.co/qD8zdpd9Za
US Pending Home Sales Unexpectedly Plunged In May To A New Record Low https://t.co/vGmAK8KjdS
Pending home sales in May slipped 2.1%. The Midwest and South posted monthly losses in transactions while the Northeast and West recorded gains. https://t.co/NcMo7UwAQC
Pending Home Sales -2.1%, Exp. 0.5%, Last -7.7%
New single-family home sales were down sharply in May as year/year change plunged to -16.5% https://t.co/ulDzhuKghf
New home sales hit a six-month low in May as high mortgage rates continued to weigh on potential buyers. Sales of new single-family homes fell 11.3% from the previous month to a seasonally adjusted rate of 619K. On an annual basis, sales plunged 16.5%. https://t.co/haR1ydoug5
New-home sales plunge in May https://t.co/XbKjz9KttW
🇺🇸New homes sales plunged 11.3% to 619k in May (lowest since Nov '23) amidst high mortgage rates. Sales a tad below Dec 2019 levels 🏘️Declines across all regions 📊Sales -16.4% y/y ⚠️Inventories elevated 9.3mo ▶️Median prices: $417k ⤵️-0.9% y/y 🔥+32% vs May '20 https://t.co/0uXV3kCqGp
🚨U.S New Home Sales fell 11.3% in May https://t.co/bU1BgrEf5J